As the end of the year rapidly approaches, it is a good idea to review your financial goals for the coming year if you have not done so already. Ensuring that your company does what it can to hold down costs and increase efficiency within claims are key priorities to consider, both of which can help improve the bottom line for your company.
You may also want to consider partnering with a third-party administrator (TPA) in order to further improve your company’s bottom line. Northwood is a TPA with three decades of experience in the workers’ compensation and automobile no-fault fields.
Over these last 30 years, Northwood has developed a variety of processes and procedures that can help you as you review your company’s financials for the coming year. Many of Northwood’s processes do have a more direct impact on the bottom line, while others are designed to have a more indirect impact.
For instance, Northwood understands that your adjusters and examiners always have many tasks that must be done for every claim. This can lead to time management challenges since team members must prioritize indemnifying your claimants while doing what they can to keep costs down.
Northwood works with insurance companies to relieve some of the administrative type of time burdens for adjusters and examiners. By freeing up the time an adjuster would have spent on comparing pricing, for example, that adjuster can then focus on serving the claimant in a more efficient manner.
In turn, that can improve the bottom line at your company over time. That works in part because Northwood grants insurance companies it partners with access to its extensive network of providers. The providers offer high quality care and are thoroughly reviewed each year by Northwood. In addition, the providers contract with Northwood to offer physician prescribed services at a reduced rate for your claimants.
An added benefit of this network is the convenience that claimants experience. Once Northwood has pre-authorized a physician prescribed service for a claimant, the claimant can then receive the service without having to pay out of pocket. Claimants enjoy this since it eliminates reimbursement paperwork and the need to save receipts to later send to an adjuster or examiner. Of course, this also saves time behind the scenes for adjusters and examiners who don’t have to track down missing reimbursement paperwork from your claimants.
By focusing on a variety of areas that help improve efficiency and hold down the cost of claims, Northwood improves the bottom line for the companies that work with them. For more information about how Northwood can assist you in improving the bottom line for your insurance company, please call Rosanne Brugnoni at 586-755-3830 ext. 3771.
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